Thank you for the opportunity to help you with your question! Hi, He observes that work expands so as to fill the time available for its completion.
In deciding what type of plan to take its always important to consider the terms of the plan before you take it.A SEP-IRA is a pension plan for self-employed people and small-business persons. the contribution of this plan are made by their employer only and are tax deductible as a business expenses while A SIMPLE IRA is for organizations with 100 or lesser employees the difference is it is funded by tax-deductible employer contributions and pretax employee contributions.
401(k) plan is for the self employed and it is a tax-deferred retirement plan for self-employed individuals that offers the most generous contribution limits of the three plans, its majorly suitable for organizations with no “common law” employees, that means any person its suitable for any person who is working for an organization.
it is important to know what you want to achieve before you go for a particular plan because each plan has its advantages and disadvantages to different audience.
Please let me know if you need any clarification. I'm always happy to answer your questions.
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